According to the latest financial results from Newcastle Building Society, its net core residential lending came to £575m, which is down from £586m in 2022.
The mutual’s profit before the tax came to £29.1m, which is down from £32.6m in 2022.
The lender said that the average standard variable rate (SVR) for mortgages is 1.24 per cent lower than the market average, which it says saves the SVR borrowers over £2.3m in interest payments compared to the market average.
Newcastle Building Society confirmed that, following the merger with Manchester Building Society, it welcomed Manchester’s customers and colleagues to the business.
The number of colleagues in 2023 rose to 260 during the year, which the mutual said was “creating new job opportunities for the region”.
Andrew Haigh (pictured), chief executive of Newcastle Building Society, said: “I’m proud that in a difficult year, as a society, we continued to deliver for our members, our communities and our colleagues.
“We demonstrated the character and resilience required to navigate uncertain and fast-changing market conditions and would like to thank everyone who has played a role in 2023.”
He continued: “Not only were we able to grow the business, including the merger with Manchester Building Society, we attracted new customers, supported members where needed, offered good value and continued to invest in the future of the organisation.
“As ever, I am enormously grateful for the tireless contribution of colleagues from across the group and the ongoing support of our members, our partners and our communities.
“These remain challenging times, but I believe the society is well-placed to respond and to achieve new levels of performance through our ambition and continued investment and that our ever-greater focus on delivering value to members will amplify the positive impact we make in our communities.”
